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\begin{document}


\subsection{Appendix Table xxx. Moments for Modeling: Cyclicality}

\begin{table}[t!] 
\begin{tabular}{lccccccc}
     \hline\hline \\
                 & \multicolumn{7}{c}{\textbf{Expansions }}   \\
     \hline\hline \\
                 & \multicolumn{1}{c}{\textbf{Gini and }}  && \multicolumn{5}{c}{\textbf{Quarterly  Changes in Gini }}   \\
               & \multicolumn{1}{c}{{\textbf{Wealth Shares}}} &&  \multicolumn{5}{c}{{\textbf{and Wealth Levels}}}\\  \cmidrule(lr){2-2}   \cmidrule(lr){4-8}           
         & & &  & {Standard}        &  & & {Auto-}  \vspace{-3mm}    \\        
            &\underline{Mean} & &\underline{Mean}  & \underline{Deviation}        & \underline{Skewness} & \underline{Kurtosis}  & \underline{correlation} \\            
                 \textbf{Gini Coefficient (pt)}   & 0.78 &  & -0.05 & 0.25 & -0.38 & 1.49 & -0.57 \\

                  \multicolumn{2}{l}{\textbf{Net Worth Shares (\%)}} &          &          &                 \\
                  Bottom 50\%       & 0.03 &  & 1.86 & 9.49 & 0.64  & 8.95 & 0.14   \\
                  50-70\%           &  0.09 &  & 1.28 & 1.99 & -0.59 & 5.87 & -0.07  \\
                  70-90\%           & 0.25 &  & 1.37 & 1.40 & -0.34 & 4.53 & -0.07  \\
                  90-99\%           & 0.37 &  & 1.63 & 1.72 &  0.10 & 4.21 & 0.00  \\
                  99-99.9\%         & 0.16 &  & 1.94 & 2.58 & -0.31 & 3.76 & -0.03  \\
                  Top 0.1\%         & 0.10 &  & 2.13 & 2.84 & -0.09 & 4.20 & 0.07  \\
     \hline\hline \\
                 & \multicolumn{7}{c}{\textbf{Recessions }}   \\
     \hline\hline \\

                 & \multicolumn{1}{c}{\textbf{Gini and }}  && \multicolumn{5}{c}{\textbf{Quarterly  Changes in Gini }}   \\
               & \multicolumn{1}{c}{{\textbf{Wealth Shares}}} &&  \multicolumn{5}{c}{{\textbf{and Wealth Levels}}}\\  \cmidrule(lr){2-2}   \cmidrule(lr){4-8}           
         & & &  & {Standard}        &  & & {Auto-}  \vspace{-3mm}    \\        
            &\underline{Mean} & &\underline{Mean}  & \underline{Deviation}        & \underline{Skewness} & \underline{Kurtosis}  & \underline{correlation} \\            
                 \textbf{Gini Coefficient (pt)}   & 0.78 &  & 0.06 & 0.20 & 0.00 & 3.69 & -0.150 \\
                  \multicolumn{2}{l}{\textbf{Net Worth Shares (\%)}} &          &          &                 \\
                  Bottom 50\%       & 0.02          &  & -4.39 & 8.56 & -1.70  & 5.70 & 0.43   \\
                  50-70\%           & 0.09          &  & -0.35 & 2.81 & -0.75 & 2.35 & 0.58  \\
                  70-90\%           & 0.24          &  & 0.44  & 2.14 &  0.11 & 2.12 & 0.46  \\
                  90-99\%           & 0.37          &  & -0.25 & 2.45 &  0.26 & 2.35 & -0.20  \\
                  99-99.9\%         & 0.17          &  & -1.39 & 3.85 & -0.07 & 2.29 & -0.37  \\
                  Top 0.1\%         & 0.11          &  & -1.38 & 4.65 & -0.36 & 2.62 & 0.44  \\
                 \hline \hline
 

    \hline\hline \\
                 & \multicolumn{7}{c}{\textbf{Annual }}   \\
     \hline\hline \\

                 & \multicolumn{1}{c}{\textbf{Gini and }}  && \multicolumn{5}{c}{\textbf{Annual  Changes in Gini }}   \\
               & \multicolumn{1}{c}{{\textbf{Wealth Shares}}} &&  \multicolumn{5}{c}{{\textbf{and Wealth Levels}}}\\  \cmidrule(lr){2-2}   \cmidrule(lr){4-8}           
         & & &  & {Standard}        &  & & {Auto-}  \vspace{-3mm}    \\        
            &\underline{Mean} & &\underline{Mean}  & \underline{Deviation}        & \underline{Skewness} & \underline{Kurtosis}  & \underline{correlation} \\            
                 \textbf{Gini Coefficient (pt)}   & 0.78 &  & 0.19 & 0.38 & 0.38 & 2.14 & 0.35 \\
                  \multicolumn{2}{l}{\textbf{Net Worth Shares (\%)}} &          &          &                 \\
                  Bottom 50\%       & 0.02          &  & 5.10 & 18.24 & -0.71  & 4.13 & 0.69   \\
                  50-70\%           & 0.09          &  & 4.56 & 5.20 & -1.39 & 6.37 & 0.45  \\
                  70-90\%           & 0.24          &  & 5.21 & 3.74 & -1.13 & 5.40 & 0.35  \\
                  90-99\%           & 0.37          &  & 5.95 & 4.99 & -0.68 & 4.00 & 0.26  \\
                  99-99.9\%         & 0.17          &  & 6.66 & 6.88 & -1.25 & 5.25 & 0.12  \\
                  Top 0.1\%         & 0.11          &  & 7.43 & 8.99 & -1.06 & 5.15 & 0.26  \\
                 \hline \hline
 

 
 \end{tabular}
\floatfoot{\scriptsize  Note: This table mirrors Table [ref] and describes quarterly moments of the wealth distribution in recessions (defined using FRED series USRECQM) and expansions (non-recessionary periods). The bottom panel also mirrors table [ref] at an annual frequency.}
\caption{Moments of the Wealth Distribution in Expansions, Recessions, and at Annual Frequency \label{tab:more_moments}}
\end{table}

\end{document}
